I was permitted to ask TVA CEO Bill Johnson my complete question during the Friday, Feb. 28 employee forum in Chattanooga. (See question here.) I was even permitted some follow-up questions. The video of the meeting was available live to those with access to the TVA network. TVA’s Communications group told me that a link to the recorded video should soon be made available on the TVA network, maybe Monday in TVA Today. I asked if I could have a link to share with my retiree friends outside of TVA, but so far I have been told that is “not our standard practice.”
Within the next couple of months, the TVARS board must vote on a contribution amount to recommend that TVA make in fiscal year 2014. In conjunction with the contribution amount, it is possible the vote will include amendments to the rules. In conjunction with the contribution amount in 2009, the rules were amended to: suspend contribution requirements and related actuarial valuations for four years (Section 9B9); suspend the requirement that part of the contribution go to the “excess COLA account,” which was designed to accumulate and grow funds to be used for payment of future COLAs (Sections 9B9, 10D1 and 10D2); and reduce legitimate accrued pension benefits (Sections 6I, 7L and 18C3). The vote in 2009 was not open to observation, and unless the TVARS board takes action, neither will the vote this year. Not one of the six other TVARS board members would second the motion I made in December to open TVARS meetings to observation. All that is required to open future boa...
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